No. of Recommendations: 9
I had the same thought when I looked at the list. He is not picking based on where the industry is going, which one will be relevant in future, etc...

The way to think of REIT's is long lived assets producing cash flows which will be distributed to shareholders in tax efficient way. If your long-lived assets tail values are very important part of the assumption, otherwise, you are basically returning the capital. From this point of view, the list is pretty under-whelming.

The reason CBL's of the world are trading so low compared to the cash flow is because there are enough investors think the tail value of those assets are severely damaged.
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